Life Insurance Advice: Setting Up a Policy
To set up a Life Insurance policy, the first step is to research the whole UK market to compare policies and work out which one is best for you.
Only once you’re armed with all of the details from the leading insurance providers can you make a decision on the best policy for your needs.
Everyone is medically underwritten for Life Insurance. This means that, on application, you’ll be asked a series of medical questions to determine your health and the level of risk you present to the insurer, which will ultimately be translated into the cost of your premium.
Sometimes, insurers require further medical evidence than just your disclosures on the application, which may be as a result of:
- Your age
- The benefit you’re applying for
- Your state of health
- Your BMI
- Family history of illness
- Smoker status
- Any combination of the above.
Life insurers have set thresholds, or ‘triggers’, above which further medical evidence will be required. Medical evidence allows an insurer to better work out what the premium should be and assess the risk your pose accordingly.
Unfortunately, there’s no easy answer to whether the insurer will need further medical evidence.
This is because a younger person can apply for a higher benefit without the insurer needing medical evidence, whereas an older person applying for the same benefit could need a medical.
The younger person represents less of a risk to the insurer and the insurer is therefore willing to cover their life for a higher benefit without medical evidence than they would be willing to insure a higher-risk, older person.
Life insurance and Existing Health Conditions
The same is true for your state of health. Two people of the same age could apply for the same Life Insurance benefit but one might need medical evidence because they’ve ‘triggered’ the insurer’s criteria because of their medical history.
Again, the person with a health condition presents a higher risk to the insurer and the insurer may therefore require medical evidence to insure them even as they insure the healthy person for the same benefit based on the application alone.
Will I Need a Medical for Life Insurance?
In some cases, you will need a medical for Life Insurance, yes. This will depend on how much you’re looking to insure yourself for, how old you are and your existing state of health.
A full Life Insurance medical could involve a medical assessment by a doctor, which will be entirely paid for by the insurance company and done at your convenience.
They’re often held in private clinics around the country or alternatively you may be able to arrange someone to come to you. This will involve a full health MOT, including blood tests.
A less invasive medical may be a nurse’s screening, where a qualified nurse visits your home or place of work and does basic tests, such as your height, weight and blood pressure.
Sometimes, it may necessary for an insurer to write to your GP to collect your medical history. This could be especially likely if you’ve disclosed a pre-existing medical condition.
GP reports could be required on top of medical screenings – it all depends on you as an individual and what you disclose on your application.
Life Insurance With No Medical
It is possible to get Life Insurance with no medical screening, especially Whole of Life / Over 50s Life Insurance.
You may be able to get Life Insurance without a medical screening beyond the questions asked at application if you don’t trigger any of the insurer’s requirements for further medical evidence, such as a high benefit, older age, medical history, a combination of these or any other conditions that prompt the need for a medical.